Last Tuesday (May 10) in the interbank currency market to buy every dollar to spend 7 80 paise. One day ago, on Monday (May 9), it was 7 rupees 45 paise per dollar. And last April 28 was 7 rupees 20 paise. However, banks are selling cash dollars at three to five rupees more. Dollars are being traded at 92 to 93 rupees in the open market or carb market outside the bank.
Searching in Oman today, it has been reported that one riyal is worth 235 rupees today, which is the highest record ever. Yesterday (May 9) the rate in the country was 232 rupees. Today it has increased by 3 rupees in one day interval. If remittances are sent to the country today through Oman’s Unimony Exchange, Lulu Exchange and Purshottam Kanji Exchange, the expatriates will get a rate of Tk 235 per riyal. At the same time, there is a 2.5 percent incentive given by the government.
Concerned people said that the pressure of import has increased at a huge rate in the country. As a result, it takes extra dollars to pay the import duty. But compared to that, remittance and export income did not increase. As a result, the pressure on the US dollar is increasing in the banking system and in the open market. This has led to a shortage of foreign exchange. That is why the dollar is rising against the dollar. The central bank is selling dollars against the demand of banks to keep the market stable. This is reducing the foreign exchange reserves. But still the dollar can not control.
As a result, the dollar price has now come to a standstill at Tk 7.60 in the interbank money market. Which is the highest record price ever. In other words, in the last 9 months, the price has increased by 90 paise per dollar. In this regard, Executive Director and Spokesperson of Bangladesh Bank Sirajul Islam said that the demand for dollar is high as the import of capital equipment and goods is high. So the dollar rate has risen. The central bank fixes the value of the dollar by analyzing the market. Depreciates money at any time. Now considering the market situation, the central bank thinks that the dollar should be raised now. So increased.
50 paise has been increased in 14 days interval. Asked if it was unusual, a central bank spokesman said the market had analyzed the situation and kept it as long as it was needed to supply foreign currency. Now he felt the need to increase so he increased.
From July to April 26 of the current 2021-22 fiscal year, the central bank has sold a total of ৬ 4.6 billion (৬ 4.60 billion) to various banks. This is the highest dollar purchase record held by the financial sector regulator before the last financial year.
According to a report in Dhaka Post, according to the prevailing rules, banks cannot keep extra dollars even if they want to. Each bank has its own limit on foreign exchange holding, which is called NOP or Net Open Position. If a bank has more dollars in excess of the prescribed limit, then the concerned bank has to sell dollars in the interbank money market.
If not, it will have to be sold to the central bank. According to the Banking Companies Act, the bank concerned has to pay a penalty if anyone keeps dollars outside the prescribed limits. Banks resort to the central bank if they cannot sell dollars in the market to avoid fines.
According to the policy of Bangladesh Bank, a bank can hold up to 15% of its capital in foreign currency. In addition, he will have to sell dollars in the market.
According to the Bangladesh Bank, exports increased by 32.92 percent during the period from July to March of the current 2021-22 fiscal year. On the other hand, imports have increased by 43.6 percent. In the nine months discussed, the country has earned 3,862 million dollars from exports. The cost of importing goods has been 6,152 crore dollars. Excluding export earnings from import expenditure, the trade deficit stood at ৪ 2.49 billion.
From July to March, remittances amounting to ৭৮ 1,056 million came to the country. Which was 16.84 percent less than the same period of the previous financial year.
Reserves 44.09 billion
Due to the pressure of imports, the foreign exchange reserves of Bangladesh have come down to 44.09 billion or four thousand nine crore dollars. On August 24 last year, the reserve broke all previous records and crossed the 46 billion milestone.
Neighboring India, meanwhile, has seen a record fall in rupee prices, the weakest ever. The country’s central bank on Monday devalued its currency against the dollar to 8.53 rupees.
From July to March, remittances amounting to ৭৮ 1,056 million came to the country. Which was 16.84 percent less than the same period of the